Update: Nike terminates contract with Lance Armstrong

The Armstrong saga continues to unravel, as Nike confirms that it has terminated its long-running contract with Lance Armstrong. Meanwhile, the Associated Press is reporting that Lance Armstrong has stepped down as the Chairman of Livestrong, but will remain on the charity’s board.

Nike’s statement:

Due to the seemingly insurmountable evidence that Lance Armstrong participated in doping and misled Nike for more than a decade, it is with great sadness that we have terminated our contract with him. Nike does not condone the use of illegal performance enhancing drugs in any manner.

Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer.

Livestrong board
Armstrong has confirmed he is stepping down as Chairman of the Livestrong charity. He is not paid a salary as Chairman of the Lance Armstrong Foundation, but will remain on its 15-member board. His duties leading the board will be turned over to Vice Chairman Jeff Garvey, who was Founding Chairman in 1997.

“This organization, its mission and its supporters are incredibly dear to my heart,” Armstrong said in a statement. “Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship.”